Cryptocurrency wallet BlockEQ has been acquired by Canadian crypto exchange Coinsquare for $12 million CAD ($9M USD).

Co-founded by Jonathan Lister, Megha Bambra and Satraj Bambra, BlockEQ is a crypto wallet built on top of the Stellar network. The wallet allows for the tokenization of crypto assets in order to allow them to move on the Stellar network, at a fraction of the cost of moving any other assets in the world, with near instant settlement. The wallet has received awards from Stellar’s Build Challenges and have been downloaded in more than 70 countries.

Coinsquare said that the acquisition will bring BlockEQ into its ecosystem, but the crypto wallet startup will remain its own entity and would operate as a subsidiary. It added they will use BlockEQ’s technology to help its users connect further with the world of cryptocurrencies. The companies will be working towards launching a number of crypto assets together, including an upcoming Coinsquare stablecoin.

“We have enormous respect for what the BlockEQ team brings to Coinsquare,” said Cole Diamond, CEO of Coinsquare. “They are one of Canada’s best tech teams, and the product they’ve built is immensely valuable. That combination in partnership with Coinsquare’s technology and team means that we have the opportunity to build amazing things for the cryptocurrency community in Canada and far beyond.”

Coinsquare has been actively launching new business lines in it’s mission to become a leading financial institution. Earlier this year, the exchange announced the launch of Coincapital, which offers a suite of investment products focused on emerging technologies, including blockchain, artificial intelligence (AI), and cryptocurrencies.